Mount Pleasant Commercial Site Sells After Strong Interest
Continuing the trend of strong demand for Mount Pleasant industrial properties with redevelopment potential, 34-54 West 7th Avenue has sold for $8,510,000, or $157 per buildable SF. The buyer was Chard Development.
The existing building is an aging two-level industrial building originally a meat packing plant and now a food manufacturing facility.
The 18,117 SF site is zoned I-1. Traditionally, I-1 zoning was a mixed light-industrial office zone, but in 2013 the City of Vancouver amended the zone to allow 100% general office. This amendment has set off a two year long flurry of speculative sale and development activity, with a few office projects already in the works. With few opportunities to build smaller office buildings downtown, and with soaring land prices everywhere where residential or mixed-use is allowed, Mount Pleasant has been a target for many developers and users.
The building had been listed for sale by Casey Weeks, Matt Smith and James Starke of Colliers and received multiple offers.
Own an office building in Metro Vancouver? I can provide a confidential opinion of current market value. — David Taylor, Colliers · 604-761-7044
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